Saints finished eighth with 56 points and Lallana's form earned him a place in the Professional Footballers' Association Premier League team of the year, along with Luke Shaw.

Lallana, who was spotted by Southampton playing for Bournemouth's centre of excellence, is wanted by a Liverpool side who narrowly missed out on their first Premier League title in 24 years.

Brendan Rodgers' team finished two points behind eventual champions Manchester City, who won their second title in three years.

Lallana came through the Southampton academy, which also produced Gareth Bale, Theo Walcott and Alex Oxlade-Chamberlain, and has become an integral member of a side that achieved its highest Premier League points total this season.

Southampton must pay 25% of any transfer fee for Lallana to Bournemouth, who sold the midfielder to his current club.

The Saints turned down Liverpool's opening offer of £20m after indicating that they wanted to end up with that amount from any deal themselves.

Liverpool's latest bid would leave Southampton with £18.75m with the remaining £6.25m going to Bournemouth.